Needham & Company LLC Reaffirms Buy Rating for Cartesian Therapeutics (NASDAQ:RNAC)

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report)'s stock had its "buy" rating reiterated by research analysts at Needham & Company LLC in a report released on Wednesday, Benzinga reports. They presently have a $41.00 price target on the stock. Needham & Company LLC's target price would suggest a potential upside of 87.39% from the company's current price.

RNAC has been the subject of several other reports. Canaccord Genuity Group raised their price objective on shares of Cartesian Therapeutics from $38.00 to $43.00 and gave the stock a "buy" rating in a research report on Wednesday, July 3rd. HC Wainwright reissued a "buy" rating and set a $45.00 price target on shares of Cartesian Therapeutics in a report on Friday, September 13th. Oppenheimer lowered Cartesian Therapeutics from an "outperform" rating to a "market perform" rating in a report on Tuesday, July 2nd. Finally, TD Cowen assumed coverage on Cartesian Therapeutics in a research report on Tuesday, August 6th. They set a "buy" rating on the stock. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $43.00.

Cartesian Therapeutics Trading Up 6.1 %

Cartesian Therapeutics stock traded up $1.25 during midday trading on Wednesday, reaching $21.88. 69,019 shares of the company's stock were exchanged, compared to its average volume of 94,248. The stock's 50-day simple moving average is $16.21 and its 200 day simple moving average is $19.85. Cartesian Therapeutics has a 52 week low of $11.66 and a 52 week high of $42.60.

Cartesian Therapeutics (NASDAQ:RNAC - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The company reported $0.54 EPS for the quarter, beating the consensus estimate of ($0.81) by $1.35. The company had revenue of $33.45 million during the quarter, compared to analyst estimates of $6.00 million. Analysts expect that Cartesian Therapeutics will post 3.99 earnings per share for the current year.

Insider Buying and Selling at Cartesian Therapeutics

In related news, Director Timothy A. Springer bought 5,514 shares of Cartesian Therapeutics stock in a transaction dated Wednesday, October 2nd. The shares were bought at an average cost of $17.38 per share, with a total value of $95,833.32. Following the acquisition, the director now owns 7,823,559 shares in the company, valued at $135,973,455.42. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, Director Timothy A. Springer acquired 80,301 shares of the stock in a transaction on Friday, October 4th. The stock was acquired at an average cost of $22.58 per share, for a total transaction of $1,813,196.58. Following the completion of the transaction, the director now directly owns 8,023,766 shares in the company, valued at approximately $181,176,636.28. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Timothy A. Springer bought 5,514 shares of the business's stock in a transaction on Wednesday, October 2nd. The shares were acquired at an average price of $17.38 per share, with a total value of $95,833.32. Following the completion of the purchase, the director now directly owns 7,823,559 shares of the company's stock, valued at approximately $135,973,455.42. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 93,831 shares of company stock valued at $2,010,993 in the last three months. Corporate insiders own 57.90% of the company's stock.

Hedge Funds Weigh In On Cartesian Therapeutics

A number of institutional investors have recently modified their holdings of RNAC. Point72 DIFC Ltd acquired a new stake in Cartesian Therapeutics in the second quarter valued at about $47,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Cartesian Therapeutics in the 2nd quarter valued at approximately $49,000. Cubist Systematic Strategies LLC bought a new stake in shares of Cartesian Therapeutics during the 2nd quarter valued at approximately $351,000. Marshall Wace LLP acquired a new position in Cartesian Therapeutics during the 2nd quarter worth approximately $811,000. Finally, Lake Street Advisors Group LLC bought a new position in Cartesian Therapeutics in the 2nd quarter valued at approximately $855,000. Institutional investors and hedge funds own 86.95% of the company's stock.

Cartesian Therapeutics Company Profile

Cartesian Therapeutics, Inc, a clinical-stage biotechnology company, engages in the provision of mRNA cell therapies for the treatment of autoimmune diseases. It develops Descartes-08, an autologous anti-BCMA RNA-engineered chimeric antigen receptor T-cell therapy, currently under Phase 2b clinical development for generalized myasthenia gravis, as well as for patients with systemic lupus erythematosus, and myeloma autoimmune basket trials for other autoimmune diseases.